The Importance of Tight Credit Conditions in the Manufacturing Economy

The XLI is at a new high. Why? Because the economy is growing better than anticipated, and there continues to be production and the need. Tighter credit conditions. And we do think that with backlogs coming down, you've seen some of the catbacks being front loaded. There's two themes that Jim, you and I both talked about this. It was China rebound and manufacturing, reshoring.